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Our clients hire us because they recognize the value of our Team’s unique, straight-forward, unfiltered opinion and our tailored advice designed to answer their questions, not everyone else’s. Below, you’ll find some of the most important questions we have been asked over the years to help you better understand the role we play and the advice we give.

How To Invest An Inheritance Like A Wealth Advisor

Receiving an inheritance is overwhelming—especially when your loved one had specific wishes for how the inheritance should be used. You may quickly realize how many options you have and that you don’t know the best way to maximize your newfound wealth while fulfilling those wishes.

Many people run into the same dilemma and make rash decisions—a study from the Bureau of Labor Statistics found that nearly one-third of people who received an inheritance had negative savings by the second year. Fret not, there is a way to invest your inheritance so you can protect and grow it while carrying on the legacy of the person who passed it down to you.

Don’t rush to take action–clarify what the money’s for

First and foremost, don’t do anything for a while—let the idea of having this large sum of money settle before you take action. Remember, money can only go one of three places–let’s call them buckets.  First, you can spend it during your lifetime. After that, it goes three other places–friends and family, charity, and/or taxes. So while it sits there, clarify exactly what your goals are, and prioritize them among those 4 buckets.

Then, take the time to lay the groundwork that will support your goals and objectives (account titling, earmarking funds for specific goals, etc.). Getting those few big decisions right is critical and will have a great impact on your long-term wealth.

With all this in mind, it’s ok to spend a little of your windfall after you get used to having it. The key is having a well-thought-out plan for how you’ll spend that portion and invest the rest of it first. Your plan will help you know exactly how much you can splurge on yourself without the worry of overspending.

Be honest about risk tolerance and the risk your goals require

It’s easy to be enthusiastic about risk in a bull market, especially when you have a large sum of money to play with. How did you feel in March 2020 when the market declined significantly in response to COVID? Losing your inheritance in a similar event wouldn’t feel great.

Create an allocation that you can remain invested in through the market’s ups and downs. Treat your inheritance as if it were regular money you earned and investing for the longer term. That might mean keeping some cash to maintain a margin of safety and avoid ill-timed sales of stocks in moments of volatility.

Keep in mind your time horizon, too. Are those goals you planned for coming up soon? Or do you have a few decades before they become a reality? Your allocation may change depending on your time horizon.

Keep it simple—there’s elegance in simplicity

You don’t need a portfolio full of expensive products (such as PE funds or alternative investments) to maintain or grow your wealth. Sure, they may have a place depending on your goals and objectives. However, they shouldn’t be the entirety or even a large percentage of your portfolio.

Instead, keep things simple. You most likely won’t need to make massive gains quickly on such a large sum of money—investments that offer slow and steady returns at a low cost are almost always a better option here. If you can achieve small, consistent returns on your inheritance, that could be plenty to reach your goals.

Also, by keeping fees low, you can squeeze even more returns out of every dollar of your windfall. That goes for both investment and advisor fees. A fee-only fiduciary—like Monument Wealth Management—must put your best interests first, which can help you keep fees to a minimum.

Need help managing an inheritance?

Did you receive an inheritance recently? You don’t have to create a wealth plan alone.

Monument Wealth Management has decades of experience helping clients with scenarios just like these. We take a highly customized approach to your finances we call Private Wealth Design. We’ll help you navigate the inheritance process and create a plan to make the most of your inheritance while carrying on the benefactor’s legacy.

Reach out if you’re ready for us to help you figure out how to use your inheritance and maximize your wealth.

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